Court Place Advisors LLC Reduces Stake in Adobe Inc. (NASDAQ:ADBE)

Court Place Advisors LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,572 shares of the software company’s stock after selling 50 shares during the quarter. Adobe makes up approximately 0.8% of Court Place Advisors LLC’s portfolio, making the stock its 29th biggest position. Court Place Advisors LLC’s holdings in Adobe were worth $2,885,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Onyx Bridge Wealth Group LLC raised its stake in Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after acquiring an additional 19 shares in the last quarter. HTLF Bank increased its position in shares of Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 19 shares in the last quarter. Commonwealth Financial Services LLC lifted its holdings in shares of Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after purchasing an additional 19 shares during the last quarter. Orrstown Financial Services Inc. boosted its position in shares of Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after purchasing an additional 20 shares during the period. Finally, Orser Capital Management LLC grew its stake in Adobe by 0.3% during the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after buying an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on ADBE. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Barclays raised their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Finally, Citigroup upped their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $4.04 during midday trading on Friday, hitting $486.91. The company had a trading volume of 359,040 shares, compared to its average volume of 3,180,429. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The business has a 50-day simple moving average of $532.85 and a two-hundred day simple moving average of $515.83. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market capitalization of $215.90 billion, a price-to-earnings ratio of 43.38, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $3.26 EPS. Equities research analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current year.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,030 shares of company stock valued at $17,176,005. 0.15% of the stock is owned by insiders.

Adobe Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.